Although reports suggest that some of the first oil tankers traveling to Europe have been turned back to head for other destinations, Federal Minister of Economics Katherina Reiche (CDU) does not expect any shortages in energy supply.
Speaking to the news magazine “Focus” Reiche said, “the supply of petrol and gas is secure”. She explained that Germany’s energy supply chains are diversified, noting that less than eight per cent of Europe’s LNG imports come from the Persian Gulf, while about five per cent of oil imports are sourced from the region.
The minister also confirmed that adequate supplies of jet fuel and diesel are available. She highlighted that the situation in Asia is quite different, since the region depends heavily on the Gulf. To help ease shortages there and help keep international crude‑oil prices in check, she added that Germany, together with the international community, is carefully releasing part of its reserves.